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Rivian inventory falls for second day following Amazon-Stellantis deal

R.J. Scaringe, Rivian’s CEO, introduces the world to his firm’s R1T all-electric pickup and all-electric R1S SUV on the Los Angeles Auto Present in Los Angeles, California, November 27, 2018.

Mike Blake | Reuters

Shares of Rivian had been down one other 10% to a brand new 52-week low on Thursday, a day after automaker Stellantis introduced that Amazon would supply its cloud companies and in-car dashboard software program.

Rivian inventory is now down greater than 21% for the week, after falling 11% during Wednesday’s trading session, and is about 54% off its excessive on Nov. 16. If it holds till markets shut, the transfer is ready to shave greater than $9 billion from Rivian’s market cap, bringing it to about $72 billion. It is now priced solely a couple of greenback above its $78 IPO price.

Stellantis, previously often known as Fiat Chrysler, additionally introduced that Amazon could be the primary industrial buyer of its Ram ProMaster battery-electric automobile.

Rivian, an electrical automobile firm backed by Amazon, debuted on the Nasdaq simply two months in the past. Rivian had named Amazon its preferred cloud provider and is contracted to make 100,000 automobiles for the corporate by 2030.

An Amazon spokesperson reiterated the corporate’s assist for Rivian in an announcement to CNBC on Wednesday.

“We at all times knew that our formidable sustainability targets in our final mile operations would require a number of electrical supply van suppliers,” the spokesperson mentioned in an announcement. “We proceed to be enthusiastic about our relationship with Rivian, and this does not change something about our funding, collaboration, or order measurement and timing.”

-CNBC’s Jordan Novet contributed to this report.

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WATCH: Why EV investors can’t ignore Rivian or Apple, according to analysts

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